Result of EGM Relating to Scheme of Reconstruction

French Property Trust PLC
7 January 2000

RESULTS OF SHAREHOLDER MEETING RELATING TO SCHEME OF
RECONSTRUCTION

An Extraordinary General Meeting of French
Property Trust PLC ('FPT') was held today to
approve the implementation of a scheme of
reconstruction and liquidation of FPT (the
'Scheme'), as described in Part 3 of the circular
to shareholders dated 14 December 1999.  The
resolutions proposed at the Extraordinary General
Meeting today were all passed.

The Scheme will not become effective until a resolution
is passed placing FPT in members voluntary liquidation.
A second Extraordinary General Meeting of FPT is to be
held on Monday 17th January 2000, at which such a
resolution will be proposed.  A further announcement
will be made following the second Extraordinary General
Meeting which, assuming the resolutions at that meeting
are passed, will include details of the number of
shares which FPT shareholders will receive in the
European Asset Value Fund (a Luxembourg open-ended
investment company), in exchange for FPT shares under
the Scheme.

The distributable reserves of FPT have been reduced
following a reduction in the rate of French avoir
fiscal (the tax credit attaching to French dividends)
from 45% to 40% announced on 21 December 1999 and
applicable in respect of all dividends paid on or after
1 January 1999 and accordingly the proposed second
interim dividend due to be declared on 17 January 2000
will be in the order of 4.3p as opposed to the 4.5p
previously intended.

ENQUIRIES:

French Property Trust PLC:  
William Fossick             Tel:  [phone]
                            
Ivory & Sime Asset          
Management:                 Tel:  [phone]
John Walton/Mark Townsend
                            
Intelli Corporate Finance:  
Gordon Neilly               Tel:  [phone]


In relation to the Scheme, the preparation and
distribution of this announcement and all other matters
relating to the Scheme, Intelli Corporate Finance
Limited, which is regulated by The Securities and
Futures Authority Limited, is acting for French
Property Trust PLC and is not acting for any other
persons and will not be responsible to any persons
other than French Property Trust PLC for providing the
protections afforded to customers of Intelli Corporate
Finance Limited or for providing advice on the Scheme,
the contents of this announcement or any other matters
relating to the Scheme.